Svmuureports that over 100 crypto companies and industry organizations, including Coinbase, Circle, Kraken, Ripple, a16z, Paradigm, and Consensys, have jointly sent a letter to the U.S. Senate Banking Committee, urging the advancement of the review of the "Clarity Act" market structure bill.
The bill aims to establish a federal-level regulatory framework for the crypto market. The joint signatories stated that relying solely on regulatory enforcement is insufficient to create stable rules. They proposed multiple recommendations, including clarifying the regulatory division between the SEC and CFTC, protecting developers of non-custodial tools, and standardizing information disclosure requirements. They also warned that delays in legislation could lead to an outflow of capital and innovation. (CoinDesk)